My father (early 80s) has been paying whole of life cover for more than 40 years.
His position is that he was never informed that they could keep increasing the premiums to a point where he could no longer afford it. His focus is on maximising what he leaves us. I note that this is NOT what this policy is for but providing this information for context. I am assuming that there is no recourse and that the insurance company can point to correspondence, the T&Cs, and it is likely that policy should have been cancelled years ago once he no longer had any dependents.
Nevertheless, he has asked that we investigate it for him and help him decide what to do. We are proceeding on the basis that it is not a good idea for him to cancel policy or sign anything without expert advice. The insurance company have proposed - to fix premium and sum insured for life – which may seem like a good deal for someone in their 80s - but given the ‘life sum insured’, and health of my father it does not make intuitive sense (to me) that he should accept this offer. I think we/he needs -
1) Advice on the current offer from insurance company AND/OR advice on a better way to invest a monthly amount should he so wish (i.e. cancel the policy).
2) Expert review of the policy file to determine if any possibility to negotiate a better deal or potentially anything to base a complaint on (but unlikely I would say).
Does point (2) need specialist knowledge/expertise and would this be within the remit of a financial advisor? If so any recommendations on how to find one that would do both 1) & 2) above ? Or do I just follow this !
https://www.askaboutmoney.com/threa...pendent-financial-advisor.71012/#post-1351609
Any advice much appreciated.
His position is that he was never informed that they could keep increasing the premiums to a point where he could no longer afford it. His focus is on maximising what he leaves us. I note that this is NOT what this policy is for but providing this information for context. I am assuming that there is no recourse and that the insurance company can point to correspondence, the T&Cs, and it is likely that policy should have been cancelled years ago once he no longer had any dependents.
Nevertheless, he has asked that we investigate it for him and help him decide what to do. We are proceeding on the basis that it is not a good idea for him to cancel policy or sign anything without expert advice. The insurance company have proposed - to fix premium and sum insured for life – which may seem like a good deal for someone in their 80s - but given the ‘life sum insured’, and health of my father it does not make intuitive sense (to me) that he should accept this offer. I think we/he needs -
1) Advice on the current offer from insurance company AND/OR advice on a better way to invest a monthly amount should he so wish (i.e. cancel the policy).
2) Expert review of the policy file to determine if any possibility to negotiate a better deal or potentially anything to base a complaint on (but unlikely I would say).
Does point (2) need specialist knowledge/expertise and would this be within the remit of a financial advisor? If so any recommendations on how to find one that would do both 1) & 2) above ? Or do I just follow this !
https://www.askaboutmoney.com/threa...pendent-financial-advisor.71012/#post-1351609
Any advice much appreciated.
